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HomeMy WebLinkAboutEDA RES 2007-12 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2007-12 RESOLUTION APPROVING AN AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND HUSET PARK DEVELOPMENT CORPORATION BE IT RESOLVED By the Board of Commissioners ("Board") of the Columbia Heights Economic Development Authority ("Authority") as follows: Section 1. Recitals. 1.01. The Authority has determined a need to exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ("EDA Act"), and is currently administering the Downtown CBD Redevelopment Project ("Redevelopment Project") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act"). 1.02. The Authority, the City of Columbia Heights ("City") and Huset Park Development Corporation (the "Redeveloper") entered into a into a Contract for Private Redevelopment dated as of October 25, 2004 (the "Contract"), setting fOlth the terms and conditions of redevelopment of certain propelty within the Redevelopment Project, generally located east of University Avenue and south and west of Huset Park. 1.03. The parties have determined a need to modify the Contract in celtain respects, and have caused to be prepared an Amended and Restated Contract for Private Redevelopment (the "Amended Contract"). 1.04. The Board has reviewed the Amended Contract and finds that the execution thereof and performance of the Authority's obligations thereunder are in the best interest of the City and its residents. Section 2. Authority Approval: Further Proceedings. 2.0 I. The Amended Contract as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and tllat are approved by the President and Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Amended Contract and any documents referenced therein requiring execution by the Authority, and to cany out, on behalf ofthe Authority its obligations thereunder. Approved by the Board of Commissioners ofthe Colwnbia Heights Economic Development Authority tins 24th of July ,2007. ATTEST: ~tP~ Executive Director- Wa terR. Fehst 2